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JAN 25, 2013 - Business Insider

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High Oil Prices Are A Bigger Problem Than You Realize

There is ample evidence that spikes in oil prices leads to recession, at least in the US, which is an oil-importing nation. James Hamilton has shown that 10 out of the last 11 US recessions were associated with oil price spikes. How does this happen? An analogy can perhaps help explain the situation. This analogy also sheds light on a number of related economic mysteries: How can oil have a far greater impact on the world economy than its share of the world GDP would suggest? After all,  BP’s World Energy Outlook to 2030 shows the world cost of oil is only a little over ... Read More

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